King's College London cut investments in its endowment linked to fossil fuels to zero at the start of 2021, from 7.3% in 2017, according to its website.
The reduction was achieved ahead of the fund's divestment target set for 2022. The university has about 54% of its endowment assets in less carbon-intense investments.
"I am delighted to announce that King's has fully divested from fossil fuels, two years in advance of our original target," said Evelyn Welch, interim principal and president of King's College, in a news release Tuesday. "This is a remarkable collective achievement and demonstrates our commitment to taking climate action. This is all part of our mission of being in service to society and ensuring a positive future for our university and our shared planet."
In addition, the university said it is committed to investing 40% of its assets in strategies with socially responsible benefits by 2025.
The fund, which had £252.3 million ($329 million) in endowment assets as of July 31, has invested £31.5 million into Northern Trust Asset Management's World Green Transition Index Fund, which screens out the biggest emitters of carbon emissions and tilts towards companies that generate energy efficiency and renewable energy.
Separately, the fund also invested £11.4 million in Sustainable Water Equity strategy, managed by RobecoSAM. The strategy invests in innovative companies that manage the supply of water and is aimed at reducing water scarcity.
